Japan-based video editing software provider Open8 secured ¥3bn ($28.6m) today from investors including Japan Post Investment Corporation, a subsidiary of postal service Japan Post.
The round also featured Mirai Creation Fund, a vehicle run by asset manager Sparx Group and backed by carmaker Toyota. It included debt financing supplied by Japan Finance Corporation and took the company’s overall funding to nearly $67m.
Founded in 2015, Open8 has built a cloud-based visual media post-production tool dubbed Video Brain. The funding will go to improving the product, boosting marketing efforts and hiring engineers, product managers, enterprise sales representatives, marketing specialists and customer service liaisons.
Mirai Creation Fund had already participated in a $13m series A round for the company in 2018 that lifted its overall funding to $36m, investing with World Innovation Lab. It followed $13.1m from Globis Capital Partners, a vehicle for education services provider Globis, and investment firm Jafco the year before.
Open8 had previously completed a $6.6m round in 2015 featuring broadcaster Tokyo Broadcasting System’s TBS Innovation Partners subsidiary, e-commerce company iStyle, internet company Excite Japan and Jafco.
